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Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

ExxonMobil reported a $680 million quarterly loss on Friday and announced plans for steep spending cuts, which comes just a day after it revealed plans for major layoffs.

Why it matters: The announcements signal how the company, which has made huge investments in supply expansions in recent years, is struggling to adjust to the sector's new reality.

By the numbers: The third consecutive quarterly loss is smaller than the $1.1 billion loss in Q2, but this morning's announcement nonetheless underscores the oil giant's tough path as the company revealed even deeper planned cost cuts.

  • Exxon also said it's now planning capital spending of $16 billion to $19 billion in 2021, down from $23 billion this year — which itself was a steep cut from pre-pandemic plans.

Driving the news: The result follows yesterday's announcement they will cut 1,900 U.S. staff as part of a wider global reduction of as many as 14,000, which is roughly 15% of their workforce, including contractors.

  • Reductions will come from retirements, layoffs and lower hiring. Reuters has more.

Where it stands: Chevron also reported a $201 million Q3 loss this morning, far smaller than the prior quarter's bleed but a stark contrast to its $2.6 billion profit in Q3 2019.

  • CEO Michael Wirth noted low commodity prices and pandemic-curtailed demand.
  • “We remain focused on what we can control — safe operations, capital discipline and cost management,” he said in a statement.

Meanwhile, France-based giant Total SE posted a $202 million profit.

  • Bloomberg notes that Total is faring better during the pandemic than its rivals, but points out that headwinds remain.
  • "The company boasted of its resilience to oil at $40 in a week when prices slumped below that level as the second wave of the pandemic took hold," they report.

Go deeper

Ben Geman, author of Generate
Nov 25, 2020 - Energy & Environment

Oil prices may be breaking free of tractor beam

Illustration: Rebecca Zisser/Axios

Crude oil is trading at its highest levels in eight months and prices may be poised to escape the rather narrow band where they've been stuck since June after coming back from their spring depths.

Why it matters: The gains this week don't just matter for the beleaguered industry's future — they're a sign that traders see the promise of COVID-19 vaccines allowing life to begin returning to the before times.

Dan Primack, author of Pro Rata
Nov 25, 2020 - Economy & Business

Stripe in talks to raise funding at valuation of at least $70 billion

Illustration: Aïda Amer/Axios

Stripe, a San Francisco-based digital payments infrastructure company, is in talks to raise new private funding at a valuation of at least $70 billion, and perhaps as high as $100 billion, per Bloomberg.

Why it matters: This would make Stripe the world's second-most valuable venture-backed company, or maybe the most valuable if ByteDance divests its majority stake in TikTok by this Friday's CFIUS deadline. It's also another indication that Stripe's founding Collison brothers are reticent to bring the company public.

12 mins ago - Sports

The end of COVID’s grip on sports may be in sight

Illustration: Aïda Amer/Axios

Packed stadiums and a more normal fan experience could return by late 2021, NIAID director Anthony Fauci said yesterday.

Why it matters: If Fauci's prediction comes true, it could save countless programs from going extinct next year.